Seafood Market in Saudi Arabia 2024:
How Big is the Saudi Arabia Seafood Industry?
The Saudi Arabia seafood market size reached US$ 1.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.25 Billion by 2032, exhibiting a growth rate (CAGR) of 2.18% during 2024-2032. The market is experiencing steady growth, driven by increasing urbanization, rising disposable incomes, and a growing preference for healthier dietary options.
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: US$ 1.0 Billion
Market Forecast in 2032: US$ 1.25 Billion
Market Growth Rate: 2.18% (2024-2032)
Saudi Arabia Seafood Market Trends:
The Saudi Arabia seafood market is experiencing significant growth driven by the increasing consumer awareness of the health benefits associated with seafood consumption, such as high protein content and essential nutrients. Additionally, the rising disposable incomes and changing dietary preferences towards healthier and more diverse food options are boosting demand. The government’s initiatives to promote aquaculture and local seafood production are further supporting market growth.
Technological advancements in aquaculture practices and the development of sustainable fishing methods are enhancing the quality and availability of seafood. Along with this, the expansion of the food service industry, including restaurants and hotels, is also contributing to increased seafood consumption. Furthermore, the growing influence of international cuisines and the introduction of new seafood varieties are attracting a broader consumer base, thereby positively impacting the market.
Saudi Arabia Seafood Market Scope & Growth Analysis:
The scope of the market is extensive, covering various segments such as fresh, frozen, canned, and processed seafood products. Market growth analysis indicates a significant trend towards the consumption of premium and exotic seafood, driven by the increasing demand for high-quality and gourmet food options. The market is also benefiting from the rising popularity of ready-to-eat and convenience seafood products, catering to the busy lifestyles of modern consumers.
Concurrently, the development of robust cold chain logistics and efficient supply chain management is ensuring the consistent availability and freshness of seafood products across the country. In addition, the increasing investments in aquaculture infrastructure and the adoption of advanced farming techniques are further expanding the market’s reach. Moreover, collaborations between local producers and international seafood companies are enhancing product offerings and market penetration.
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Saudi Arabia Seafood Market Report Segmentation:
The Saudi Arabia Seafood Market is segmented on the based on type, form, and distribution channel.
Breakup by Type:
- Fish
- Shrimp
- Others
Breakup by Form:
- Fresh / Chilled
- Frozen / Canned
- Processed
Breakup by Distribution Channel:
- Off-Trade
- Convenience Stores
- Online Channel
- Supermarkets and Hypermarkets
- Others
- On-Trade
Breakup by Region:
- Northern and Central Region
- Western Region
- Eastern Region
- Southern Region
Top Players Analysis:
The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies. Saudi Arabia seafood industry include Almunajem Foods, Arab Fisheries Co., IZAFCO LLC, National Aquaculture Group, Shell Fisheries Company W.L.L., and among many others.
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Other Key Points Covered in the Report:
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
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